2 definitions
by
Sconzo

used as an exclamation to describe when someone commits a good scheist, Answers a tough question correctly in a timely manner, or when someone places a praticulary skillfull, deepcuting, well placed/though-out diss or insult upon someone else.

Note:
Often when being used to describe an insult it is exclamed after the insult in a pastense manner (sniped)

When Ken Jennings got a quite difficult question right one of the other contestants yelled "snipe!"